6 Quick Tips for Budgeting

Budgeting. Not the funnest thing to think about, but something we MUST think about. I have put together 6 quick tips to help make this a little easier.

1.) Track Your Spending

Sure – it’s tedious, but it will pay off. Little things add up, this we’ve heard a million times. I know I have. It also makes you realize the money you are spending that you AREN’T budgeting for.

2.) Categorize Your Budget

Rent, utilities, etc.: I call that “Cost of Living”.

Food: This is something I personally struggle with. I like to go out to eat with my friends. It costs more money, usually, to go to a restaurant. And, if you aren’t a jerk, you tip. That’s additional. Learn to cook – it’s more rewarding to learn or create an awesome recipe. Get your friends to pitch in! Everyone eats healthier –AND- saves money.

Entertainment: These are things I do for “fun”. Not necessities. Things you KNOW you don’t need. DON’T DO IT! I wish I had all that money back from buying extra clothes for my closet. I can’t even imagine all the things I would have easily bought if I had put that in savings instead.

3.) Use Your Debit Card

If I have cash, I spend it immediately. Cash. I treat as a “petty cash” situation because otherwise I will waste it. The only thing I really use paper monies for is tipping – because I’m a nice person.

When you log on to online banking, then you can see all the money you’ve spent on little things. They all will show up on their own line so you can see that you bought $50 worth of sweet tea on one paycheck. With cash, it’s pretty hard to track unless you hoard receipts and then add them up.

4.) Automate, Automate, Automate

Bills. Who likes paying them? No one! Sometimes we forget about them and really feel their pain. Nothing like a surprise financial punch to the gut. I have a solution to help keep you out of late fee trouble – automate it!

Never autopayed? It’s easy. Log into whatever accounts you have payments due for that money

5.)